Azelis Group (AZE) Q3 2026 TU earnings summary

Executive summary

• Q3 revenue was €1.122bn, up 8.5% in constant currency and 8.2% organically; adjusted EBITA reached €114m, up 14.6% in constant currency and 14.3% organically.

• Growth was broad-based, with high-single-digit organic growth in EMEA and the Americas and double-digit growth in APAC; Personal Care and Industrial Chemicals, especially CASE, gained momentum.

• A €350m non-cash goodwill impairment was recorded in the Americas, following annual testing of businesses acquired in 2021 and 2023.

Financial highlights

• Q3 gross profit rose 8.8% in constant currency to €263m; gross margin was 23.4%, up 6 bps year over year.

• Adjusted EBITA was €114m, up 16.1% reported, 14.6% in constant currency and 14.3% organically; margin was 10.2%, up 54 bps in constant currency.

• Excluding the €6m provision adjustment and FX, EBITA growth would have been 22% year over year; 2025 cost-saving programs continued to benefit costs.

• 9M revenue was €3.288bn, up 3.6% total and 4.9% in constant currency; adjusted EBITA was €347m, up 4.2% total and 6.1% in constant currency.

• 9M adjusted EBITA margin was 10.5%, up 13 bps; gross profit was €786m, up 5.7% in constant currency.

Outlook and guidance

• FY 2026 positive adjusted EBITA growth remains expected, supported by Q3 momentum despite continued uncertainty and volatility.

• Q4 working capital is expected to decline with usual seasonality; positive EBITA growth and lower working capital are expected to reduce year-end leverage toward 3.0–3.1x.

• Medium-term objectives include mid-to-high-single-digit annual gross profit growth, high-single-digit adjusted EBITA growth, double EPS and ROCE above 11.5% by 2031.

• Continued investment in digital, IT and AI is intended to improve efficiency across frontline and back-office teams.